[Edaily Reporter KIM YOON-JEONG ] Hana Securities forecast that APR(278470)will continue to post significant growth in its second-quarter earnings, driven by strong growth in global sales, particularly in the U.S. and Europe.

On the 29th, Park Jong-dae, an analyst at Hana Securities, estimated APR’s second-quarter consolidated revenue and operating profit at 695.1 billion won and 176.6 billion won, respectively, forecasting year-over-year growth of 112% and 109%.
Analyst Park stated, “Second-quarter sales in the U.S. are expected to reach 303.0 billion won (+215% year-over-year), driven by the expansion of brick-and-mortar stores such as Target and Walmart, combined with the impact of Amazon Prime Day,” adding, “The company achieved the milestone of placing 10 products in the Top 100 Beauty list during Prime Day.”
Growth in the European market is also steep. He explained, “European sales are expected to reach 60 billion won, an increase of more than 50% from the previous quarter. Following the UK in the first quarter, the company expanded its operations in earnest to Spain, Germany, France, and Italy in the second quarter.”
He continued, “As the supply shortage of Zero Pore Pads has eased, further sales growth has become possible,” adding, “Collagen Jelly Cream, PDRN Ampoules, and Collagen Wrapping Masks have established themselves as steady sellers, and the contribution from new product lines is also increasing.”
Profitability is also expected to remain robust. Analyst Park noted, “The operating profit margin will remain at a high level of over 25%,” analyzing that “despite rising shipping costs, Prime Day marketing expenses, and increased TikTok Shop promotion fees, the operating leverage effect driven by sales growth is significant.”
Expansion into new businesses will also continue. He explained, “We plan to launch Booster Pro X2 in the U.S. at the end of June and ramp up marketing efforts in the second half of the year,” adding, “The Skin Booster (EBD) is currently undergoing regulatory approval, and we have already established a sales team so we can respond immediately upon launch.”
Researcher Park projected, “APR is sequentially expanding its business starting with regions that have large cosmetics markets, and plans to expand to Europe following the U.S., and subsequently to China and Latin America,” adding, “Annual revenue in 2026 is expected to reach 2.8 trillion won, an 84% increase from the previous year.”
He explained, “Our core competitive advantages lie in rapid product launches and the ability to respond to local demand, made possible by HANKOOKCOSMETICS’ world-class cosmetics ODM infrastructure,” adding, “Expansion into Latin America through collaboration with SILICON 2 Co.,Ltd. will also accelerate our growth.”
He added, “The current stock price is trading at a 12-month forward price-to-earnings ratio (PER) of 21.6x, which is not excessive given the 45% compound annual growth rate (CAGR) in earnings per share projected for 2025–2028.”